Going from 60ms to 40ms for a transatlantic hop isn't quite that significant IMO. An HFT organization will simply co-locate their compute servers in the same continent as the exchange. Actually, they will colocate their servers in the same geographic neighborhood, if not within the very same data center. Source: was HFT systems dev for 10 years.
So, there’s no benefit to 20ms of cross-market arbitrage? You can’t colocate in London and New York.
There's huge advantage and parent is super duper wrong
The competition is point to point microwave links.